The largest crypto exchange in the world at the moment, Binance has launched its first fiat trading in Nigeria. The exchange began its trading with Nigeria’s Naira (NGN). The move was achieved after partnering with Flutterwave, a Nigerian Fintech startup.
It’s not the first time Flutterwave has partnered with a crypto firm. The startup has partnered with Ripple in the past and gave the company an opportunity in Nigeria’s remittance industry. The partnership made it possible for Nigeria to be the first country in Africa to use Ripplenet.
The exchange platform will be opening deposits through Flutterwave, and there will be no fees charged for the same, at least for deposits not above 36,000 NGN. That’s for newly registered users depositing the naira through Flutterwave. The offer began on 24th, 2019.
Binance has also added three trading pairs to the platform. That is BUSD/NGN, BNB/NGN, and BTC/NGN. This means that users depositing naira can use it to buy BNB, BUSD, and BTC.
$10,000 Up For grabs
In a bid to promote the new market entry and to encourage more users to deposit, Binance has set aside $10000 worth of NGN as a giveaway. The funds will be available for anyone across the world on a first-come-first-served basis.
The move by Binance confirms that the crypto wave is fast moving into Africa. The largest country in Africa by population is the next stop for cryptocurrencies. However, Nigeria currently has inexistent legal frameworks and regulatory procedures for digital currencies.
Nigeria’s newly elected speaker of the house of assembly Mr. Femi Gbajabiamila promises to change the situation and look into the nascent technology.
Flutterwave, The Most Valuable Startup In Africa According To Y Combinator
American seed accelerator, Y Combinator has evaluated the global market and identified Flutterwave as the most valued startup company in the African continent. Over a hundred companies graduated from the accelerator.
As per the report, each company in the list is valued at over $150 million minimum with the total combination valued at $155 billion.
The Nigerian Fintech industry, which was founded by Olugbenga Agboola and Iyinoluwa Aboyeji, is ranked 97 out of the 102 startups on the Y Combinator list. The startup has raised over $20.1 million to date.
Flutterwave is the only representative making only 1% of the list, which is dominated by North America with an overwhelming 87.3%. Asia, Europe, and South America make up 4.9, 3.9, and 2.9 respectively.
Binance And Kakao Partnership
Binance also made a move of expansion towards Asia through South Korea’s Kakao. The largest exchange platform received an invite to join the Klaytn global blockchain council, a project powered by Kakao, the largest internet company in South Korea.
Klaytn is a project by Kakao’s blockchain Ground X which had its mainnet in June 2019.
The integration of Binance gives the exchange platform an avenue into Klaytn’s governance consensus node.